It is a shockingly expensive place.
The Bruce family got about $18 million for a modest-sized building plot as I recollect.
All of California is expensive.
Investment funds, both foreign and domestic, have been buying up Orange County single family homes for at least a decade. It’s that giant pool of money that has driven SoCal prices to levels that don’t make sense by normal metrics. These funds make full cash offers often above the asking price.